M&A Deal Summary

Watermill Group Acquires Tenere

On December 17, 2012, private equity firm Watermill Group acquired metals/mining company Tenere from Stonehenge Partners

Acquisition Highlights
  • This is Watermill Group’s 2nd transaction in the Metals/Mining sector.
  • This is Watermill Group’s 10th transaction in the United States.
  • This is Watermill Group’s 1st transaction in Wisconsin.
Investment Fate
  • Tenere was sold to a strategic buyer in 2022.

M&A Deal Summary
Date 2012-12-17
Target Tenere
Sector Metals/Mining
Buyer(s) Watermill Group
Sellers(s) Stonehenge Partners
Deal Type Secondary Buyout

Target

Tenere

Dresser, Wisconsin, United States
website
Tenere is a designer and builds hard tool-manufactured products. It offers design and engineering, sheet metal fabrication and stamping, plastic injection molding, custom precision machining, and logistical solutions and services. Tenere was founded in 1966 and is based in Dresser, Wisconsin.

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Buyer(S) 1

Buyer

Watermill Group

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1978
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

The Watermill Group is a private investment firm focused on acquiring/investing in mid-sized businesses operating in traditional industries. Watermill generally looks for US or Canada-based companies which require operating, strategic and capital resources to grow. Sectors of interest include metals, rubber/plastics, paper, packaging, chemicals, food products, value-added distribution, manufacturing, business services, and building products/services. Prospective companies typically generate $50 to $500 million revenues, however Watermill will consider certain smaller businesses as well. Watermill will not invest in fashion businesses, tech companies or industries characterized by short product life cycles or binary outcomes. Watermill was formed in 1978 and is based in Lexington, Massachusetts.

DEAL STATS #
Overall 10 of 16
Sector (Metals/Mining) 2 of 4
Type (Secondary Buyout) 3 of 4
State (Wisconsin) 1 of 1
Country (United States) 10 of 14
Year (2012) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-11 Global Tubes

Collegeville, Pennsylvania, United States

Global Tubes is a manufacturer of highly specialized precision metal tubing from a wide variety of metals and alloys including stainless steel, nickel, zirconium, and titanium. Its products are used in highly engineered applications serving the aerospace, energy, power generation, and medical markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-03 The Plastics Group

Willowbrook, Illinois, United States

The Plastics Group, Inc. provides in the design, engineering, and manufacture of custom blow-molded and rotational-molded plastic parts for a variety of end-market applications. The Plastics Group was formed in 1997 and is based in Willowbrook, Illinois.

Buy -

Seller(S) 1

SELLER

Stonehenge Partners

Columbus, Ohio, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Stonehenge Partners is a private equity firm that seeks equity and mezzanine investments in lower middle-market companies with at least $10 million in sales. Stonehenge looks to invest ranging from $10 million to $50 million of equity/junior capital to support management buyouts, leveraged acquisitions, recapitalizations, and growth capital financings. Stonehenge prefers businesses operating in manufacturing, distribution, business services and healthcare. Stonehenge avoids investing in real estate, oil and gas, high technology and 'industries that are susceptible to a high degree of cyclicality'. Stonehenge was formed in 1999 and is based in Columbus, Ohio.

DEAL STATS #
Overall 23 of 38
Sector (Metals/Mining) 1 of 1
Type (Secondary Buyout) 10 of 15
State (Wisconsin) 2 of 2
Country (United States) 23 of 37
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-01 ARPAC

Schiller Park, Illinois, United States

ARPAC LLC is a packaging machinery manufacturing and service organization. Arpac's product portfolio includes shrink wrappers, shrink bundlers, tray formers, case formers tray packers, case packers, shrink tunnels, palletizing, robotic palletizing, and pallet stretch wrapping. Arpac serves producers of foods, beverages, building supplies, automotive products, printed publications, health & beauty, material handling companies and a wide variety of industrial and consumer goods.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-10 Rutland Plastic Technologies

Pineville, North Carolina, United States

Rutland Plastic Technologies, Inc. is a designer and manufacturer of premium screen inks for the global textile industry and a supplier of plastic coatings for commercial and industrial applications, with operations in the United States, the United Kingdom, Peru and India.

Sell -
Mergr

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